Posted on 10:39 PM, January 13, 2010 [ BusinessWorld Online ]
Profits of Gokongwei-led Robinsons Land Corp. rose by 4% for fiscal year 2009 on the back of the strong performance of its retail and office divisions, which helped offset the losses in the residential and hotel divisions.
In a statement yesterday, the company said profits stood at P3.27 billion at end-September last year, while total revenues reached P10.73 billion.
“Robinsons’ various business units managed to outperform because of our deep understanding of the market, commitment to operational efficiencies and a healthy balance sheet,” Robinsons Land President Frederick Go said in the statement.
The company’s commercial center division accounted for P4.21 billion of the revenues, up by 14% from the previous year’s P3.69 billion due to newly opened malls such as Robinsons Place Tacloban, Robinsons Cabanatuan, Robinsons Pulilan, and Robinsons Place Davao.
Robinsons said the commercial center division is still one of the company’s top “growth drivers,” accounting for 39% of total company revenues.
Meanwhile, the office buildings division reported P1.1 billion in revenues, representing a 26% growth over the same period in 2008.
This increase was due mainly to the availability of more office spaces at the Robinsons Cybergate Towers 2 and 3 in Mandaluyong.
The firm’s hotel division on the other hand posted total revenues of P1.04 billion as against 2008’s P1.14 billion, because of a lower occupancy rate as a result of a slowdown in travel worldwide.
Robinsons Land last year introduced its Summit Hotel brand by opening the 108-room Summit Ridge Hotel Complex in Tagaytay. The new hotel enjoys a commanding view of Taal Lake and the entire Tagaytay ridge.
Revenues of Robinsons Land’s residential division amounted to P3.81 billion, mainly because of progress in building projects such as McKinley Park Residences, East of Galleria, Gateway Garden Heights, Otis 888 Residences, Gateway Garden Ridge, and Fifth Avenue Place.
“Although the division’s realized revenues contracted by 20%, it remains a major contributor to the company’s topline,” Robinsons Land said.
Robinsons Land is the real estate arm of JG Summit Holdings, Inc., one of the country’s largest conglomerates, which has interests in branded consumer food, agro-industrial and commodity food products, textile, telecommunications, petrochemicals, air transportation, and financial services.
Shares in the property company did not move at P13.25 apiece yesterday. -- K. J. R. Liu
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